Cabinet approves National Medical Devices Policy-2023
The Union government has approved the National Medical Devices Policy, 2023. The medical devices sector in India is a sunrise sector that is growing at a fast pace.
The market size of the medical devices sector in India is estimated to be nearly 90 thousand crore rupees in 2020 and its share in the global medical device market is estimated to be 1.5 percent.
The policy is expected to help the Medical Devices Sector, grow from the present 11 billion US dollars to 50 billion US dollars in the next five years
Addressing the media after the Cabinet Committee on Economic Affairs meeting, Union Health Minister Dr Mansukh Mandaviya said that the National Medical Devices Policy is expected to facilitate orderly growth of the medical device sector to meet the public health objectives of access, affordability, quality, and innovation.
He said, this sector is expected to realize its full potential, with strategies including building an enabling ecosystem for manufacturing along with a focus on innovation. Dr Mandaviya added that the policy will promote the medical device sector to grow further.
The policy is expected to help the Medical Devices Sector, grow from the present $11 Bn to $50 Bn in the next five years